SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended: September 30, 2002
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 0-16214
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ALBANY INTERNATIONAL CORP. |
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(Exact name of registrant as specified in its charter) |
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Delaware |
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14-0462060 |
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(State or other
jurisdiction of |
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(IRS Employer Identification No.) |
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1373 Broadway, Albany, New York |
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12204 |
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(Address of principal executive offices) |
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(Zip Code) |
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Registrant’s telephone number, including area code 518-445-2200 |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports,) and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
The registrant had 26,742,170 shares of Class A Common Stock and 5,607,576 shares of Class B Common Stock outstanding as of September 30, 2002.
ALBANY INTERNATIONAL CORP.
INDEX
Part I - Financial Information
ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
(unaudited)
(in thousands except per share data)
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Three
Months Ended |
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Nine
Months Ended |
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2002 |
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2001 |
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2002 |
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2001 |
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Net sales |
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$ |
205,153 |
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$ |
202,651 |
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$ |
600,876 |
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$ |
618,267 |
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Cost of goods sold |
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120,460 |
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125,711 |
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349,292 |
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368,308 |
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Gross profit |
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84,693 |
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76,940 |
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251,584 |
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249,959 |
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Selling, technical, general and research expenses |
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57,792 |
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58,575 |
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177,287 |
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175,823 |
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Operating income |
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26,901 |
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18,365 |
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74,297 |
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74,136 |
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Interest expense, net |
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4,537 |
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6,988 |
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13,173 |
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23,720 |
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Other expense/(income), net |
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776 |
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(3,424 |
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4,507 |
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(1,001 |
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Income before income taxes |
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21,588 |
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14,801 |
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56,617 |
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51,417 |
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Income taxes |
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7,556 |
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5,476 |
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19,816 |
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19,024 |
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Income before associated companies |
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14,032 |
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9,325 |
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36,801 |
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32,393 |
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Equity in earnings of associated companies |
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145 |
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72 |
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208 |
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205 |
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Income before cumulative effect of change in accounting principle |
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14,177 |
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9,397 |
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37,009 |
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32,598 |
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Cumulative effect of change in accounting principle, net of taxes |
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— |
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— |
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(5,837 |
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(1,129 |
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Net income |
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14,177 |
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9,397 |
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31,172 |
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31,469 |
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Retained earnings, beginning of period |
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359,060 |
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336,711 |
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345,273 |
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314,639 |
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Dividends declared |
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(1,616 |
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— |
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(4,824 |
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— |
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Retained earnings, end of period |
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$ |
371,621 |
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$ |
346,108 |
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$ |
371,621 |
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$ |
346,108 |
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Earnings per share - basic: |
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Income before cumulative effect of change in accounting principle |
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$ |
0.44 |
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$ |
0.30 |
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$ |
1.15 |
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$ |
1.05 |
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Cumulative effect of change in accounting principle |
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0.00 |
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0.00 |
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(0.18 |
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(0.04 |
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Net income |
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$ |
0.44 |
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$ |
0.30 |
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$ |
0.97 |
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$ |
1.01 |
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Earnings per share - diluted: |
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Income before cumulative effect of change in accounting principle |
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$ |
0.43 |
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$ |
0.30 |
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$ |
1.14 |
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$ |
1.04 |
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Cumulative effect of change in accounting principle |
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0.00 |
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0.00 |
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(0.18 |
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(0.03 |
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Net income |
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$ |
0.43 |
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